December 14, 2020
According to the research report titled ‘Global Vehicle Tracking Systems Market Size study, by Type (Active, Passive), by Vehicle Type (Commercial Vehicles, Passenger Vehicles), by Application (Mobile Tracking, Cellular Tracking, Satellite Tracking), and by Industry Vertical (Transportation & Logistics, Construction & Manufacturing, Aviation, Retail, Government, Others) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global vehicle tracking systems market amassed USD 5.5 billion in 2019 and is anticipated to record a y-o-y growth rate of 19.8% during 2020-2027.
Rising adoption of intelligent transport systems along with increasing production & sales of passenger cars and commercial vehicles are primarily propelling global vehicle tracking systems market growth.
For those unversed, vehicle tracking system is a technology primarily utilized to get real-time data regarding vehicle location through a global positioning system (GPS) or cellular network. It comprises of view capturing device, software, and positioning device. The modern version of this system uses Global Navigation Satellite System (GLONASS) or GPS technology to track the location of the vehicle, though other automatic vehicle location technology can be used as well. These technologies and systems enable viewing vehicle information on electronic maps by specialized software or the internet.
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The outbreak of COVID-19 has negatively impacted the automotive sector, ravaging various economies across the globe. Capital investments which were high prior the pandemic, are likely to pe postponed or put on hold for minimum of 1 year. In addition, lack of GPS accuracy, along with privacy and network security issues are anticipated to impede global vehicle tracking systems industry expansion over the forecast timespan.
Speaking of the regional terrain, prominent regions considered for worldwide vehicle tracking systems market analysis are Asia Pacific, Europe, Latin America, North America, and Rest of the World. North America currently dominates the overall market and is slated to grow substantially over the assessment period, creditable to the presence of new technology-based vendors in the region, along with rising production of vehicles with advanced features.
Meanwhile, Asia Pacific vehicle tracking systems industry is posed to witness significant gains over 2020-2027, owing to surging popularity of self-driving vehicles, expansion of transportation activities, and inclination towards ride-hailing services.
Leading organizations influencing global vehicle tracking systems market trends are Inseego Corp., Teletrac Navman US Ltd., AT&T Inc., TomTom Inc., Geotab Inc., Spireon Inc., Continental AG, Verizon Communications Inc., Robert Bosch GmbH, and Cartrack Holdings Limited.